Lesa France Kennedy, CEO of International Speedway Corporation(NASDAQ: ISCA), said that they would be investing $400 million into Daytona International Speedway in order to transform it into a profitable year-round destination on CNBC's Squawk Box Tuesday morning.

She went on to discuss the logic behind bringing in costumers beyond the NASCAR racing season, and other elements of the project, called Daytona Rising.

The money will go towards modern amenities, while a surrounding development called One Daytona is in the works to include a Bass Pro Shop as an anchor tenant, in addition to other retail, dining and entertainment spaces, Kennedy said.

Kennedy noted the success of similar projects, such as Patriot Place in Foxborough, MA.

"Well I think that's a great example, and I have visited the Patriot Place, and I think they've done a terrific job, but that's an example of the type of destination that we're planning on creating," said Kennedy.

She concluded by sang that past Daytona Rising, they really want to "raise the bar in motor sports, and all of the motor sports facilities. It's going to be a totally different level of [an] experience than you've seen in the past."

At the time of this writing, Jason Cunningham had no position in the mentioned equities.